Skillsoft Corp. earns about -30% on invested capital, and has bought back 50% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | — | $555.1M1 | $553.2M2 | $531M2 | $512.7M2 |
| Net income | −$72.5M3 | −$725M4 | −$349.3M5 | −$121.9M5 | −$139.8M5 |
| Operating cash flow | −$720,6606 | −$20.9M7 | $2.82M8 | $30M8 | $25.1M8 |
| Capital expenditure | — | $4.91M9 | $4.18M10 | $1.6M10 | $1.77M10 |
| Free cash flow (derived) | — | −$25.8M7,9 | −$1.36M8,10 | $28.4M8,10 | $23.3M8,10 |
| Total debt | — | $627.9M11,12,13 | $628.9M14,15,16 | $580.7M17,18,19 | $578.2M20,21,22 |
| Cash & equivalents | $3.87M23 | $170.4M24 | $136.3M25 | $100.8M26 | $100.8M26 |
| Diluted shares | 17.3M | 7.9M | 8.1M | 8.2M | 8.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$35.17 of net worth that earned you −$162.7 and generated $27.09 of cash last year, against $672.76 of debt.
It earned an average -30% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 50% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth5.00%
- Starting free cash flow$23.3M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth5.00%
- Starting free cash flow$23.3M
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2025-04-14 · period ending 2023-01-31 · accession 0001437749-25-011912 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-04-07 · periods ending 2024-01-31, 2025-01-31, 2026-01-31 · accession 0001437749-26-011602 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A filed 2022-10-24 · period ending 2020-12-31 · accession 0001104659-22-110703 (NetIncomeLoss)
- 10-K filed 2025-04-14 · period ending 2023-01-31 · accession 0001437749-25-011912 (NetIncomeLoss)
- 10-K filed 2026-04-07 · periods ending 2024-01-31, 2025-01-31, 2026-01-31 · accession 0001437749-26-011602 (NetIncomeLoss)
- 10-K/A filed 2022-10-24 · period ending 2020-12-31 · accession 0001104659-22-110703 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-14 · period ending 2023-01-31 · accession 0001437749-25-011912 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-04-07 · periods ending 2024-01-31, 2025-01-31, 2026-01-31 · accession 0001437749-26-011602 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-14 · period ending 2023-01-31 · accession 0001437749-25-011912 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-04-07 · periods ending 2024-01-31, 2025-01-31, 2026-01-31 · accession 0001437749-26-011602 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-04-14 · period ending 2023-01-31 · accession 0001437749-23-010319 (LongTermDebtNoncurrent)
- 10-K filed 2023-04-14 · period ending 2023-01-31 · accession 0001437749-23-010319 (LongTermDebtCurrent)
- 10-K filed 2023-04-14 · period ending 2023-01-31 · accession 0001437749-23-010319 (ShortTermBorrowings)
- 10-K filed 2024-04-15 · period ending 2024-01-31 · accession 0001437749-24-012054 (LongTermDebtNoncurrent)
- 10-K filed 2024-04-15 · period ending 2024-01-31 · accession 0001437749-24-012054 (LongTermDebtCurrent)
- 10-K filed 2024-04-15 · period ending 2024-01-31 · accession 0001437749-24-012054 (ShortTermBorrowings)
- 10-K filed 2025-04-14 · period ending 2025-01-31 · accession 0001437749-25-011912 (LongTermDebtNoncurrent)
- 10-K filed 2025-04-14 · period ending 2025-01-31 · accession 0001437749-25-011912 (LongTermDebtCurrent)
- 10-K filed 2025-04-14 · period ending 2025-01-31 · accession 0001437749-25-011912 (ShortTermBorrowings)
- 10-K filed 2026-04-07 · period ending 2026-01-31 · accession 0001437749-26-011602 (LongTermDebtNoncurrent)
- 10-K filed 2026-04-07 · period ending 2026-01-31 · accession 0001437749-26-011602 (LongTermDebtCurrent)
- 10-K filed 2026-04-07 · period ending 2026-01-31 · accession 0001437749-26-011602 (ShortTermBorrowings)
- 10-K/A filed 2022-10-24 · period ending 2020-12-31 · accession 0001104659-22-110703 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2024-04-15 · period ending 2023-01-31 · accession 0001437749-24-012054 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-04-14 · period ending 2024-01-31 · accession 0001437749-25-011912 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-04-07 · periods ending 2025-01-31, 2026-01-31 · accession 0001437749-26-011602 (CashAndCashEquivalentsAtCarryingValue)